Silver???

UrbanDecay04

I keep seeing talk about silver prices skyrocketing but I don't see anything? Is it because it hasn't happened yet? If it has happened what is the price per oz? If it hasn't what is the predicted price per oz? Even if the silver prices skyrocket will I be able to sell my proof and/ or MS-64 coins for melt value? (if it is above melt?)

Meltdown

Dude. Read any of the 5 threads below this one and you'll get caught up on all your questions.

Jimnight

Some good advice from @Meltdown

MsMorrisine

what has skyrocketed over the weekend has been sales of actual silver from online bullion dealers.

so much sold, dealers have raised their prices.

also, silver has risen from last week, but I would not call it a skyrocket.

again, actual silver prices are a lot higher. you won't find silver for sale for sale anywhere near $28.35/oz

chesterb

I’m suing Reddit! I want $1,000/oz.!!!

abcde12345

@Jimnight said:
Some good advice from @Meltdown

derryb

Simple. Anxiety created by the Reddit threat created a sudden increase in demand over the weekend for physical silver in hopes/fear that not only the the price of physical silver but the also spot price would skyrocket. Increased demand created higher premiums over spot. Premiums exist because quality physical silver always sells for more than spot. And after all of that the spot price of silver gained little traction because it is determined by a different group of people in a different arena. Physical premiums rose temporarily but without the a meaningful rise in spot price, they are returning to normal.

Moral of the story: Physical silver does not determine the spot price. The spot price (plus premium) determines the price of real silver. Spot price is determined by faith and trust in the big financial landscape, not by fear and hope dictated by any small financial realm. Premiums rise and fall in step with fear and greed (demand).

ricko

@derryb.... As clear and accurate picture of reality as I have seen.... Cheers, RickO

derryb

The only hope of breaking the hold that spot price has on real silver is for physical demand to become so great that it results in a complete shortage of available silver. Only a major currency crisis can do this, not a bunch of gamers or solar panel producers. Then and only then will there be a chance that the futures market shorts will go long in an effort to see the contract to the end to get their hands on those 100 oz bars in the COMEX vaults. On a large enough scale the COMEX will fail to deliver.